Net profit of Azerbaijani banks down by over 25%

From January through February 2021, the banking sector of Azerbaijan received a net profit of 73.1 million manats ($43.02 million).

Report informs, citing the Central Bank of Azerbaijan, that this figure is 25.3% less than the same period last year.

In the first two months of 2021, banks' operating income amounted to 429.7 million manats or $252.91 million (3.2% less than in the same period last year), operating expenses - 280.7 million manats or $165.21 million (1.9% less), deductions for the creation of special reserves - 59.7 million manats or $35.1 million (42.5% less), income tax payments - 16.2 million manats or $9.5 million (9.5% less).